Source: Mac Slavo
Auto dealers are attempting to deal with 4.2 million unsold cars. As the vehicles that no one wants to or cannot afford to buy stack up, the mainstream media continues to say the economy is “robust” and “booming.”
Abandoned factories, forgotten shopping malls, and undeveloped parcels of land have become parking lots full of new cars as dealers try to figure out what to do with mounting inventories of unsold vehicles, according to OKCFox, a local Oklahoma City Fox News affiliate reported. But the mainstream media keeps saying the economy is great, and even though stocks have fallen on the news of a heightened trade war, there isn’t much other real truth happening when it comes to reporting on the economy.
“The sheer amount of lies we are being told in the mainstream media is getting worse every day. Why can’t the truth ever be reported for once? It’s ok if the economy is not doing well. Let’s admit it and let’s deal with it! Why hide it only to make things worse in the future? This doesn’t serve the people. Blinding them from the truth is a disservice to them.” –David Quintieri, The Money GPS
Quintieri’s YouTube channel regularly reports on the statistics we aren’t being told about. He was on the ball when the news broke that dealers are having problems finding places to store all of the unsold cars right now. Should a downturn hit the auto industry, dealers will find themselves overstocked with inventory that no one will be able to buy.
And once again, debt is playing a big role in this problem. This will only make a financial disaster even worse. The loans dealers take out to finance their inventories could put the squeeze on new-car dealers, reported OKCFox. For around eight years, interest rates remained low, which allowed dealers to carry vast inventories with little cost. With interest rates on the continuous rise, the same dealers stuffed to the max with more cars, trucks, crossovers, and SUVs, have faced eroding profits despite some incentives from automakers themselves. Add in extra costs to store vehicles at off-site locations, and the situation becomes worse.